VR Advisory Services Ltd

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), VR Advisory Services Ltd reported 17 stock positions worth $247.0 million. Its top holding was JSC Kaspi.kz ADR (KSPI) at 25.0% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 23.6%) and Pampa Energia SA-Spon ADR (PAM, 8.7%). Compared with Q1 2024, it opened 2 new positions, sold out of 3, added to 2 and reduced 3. The biggest buy was a new position in JSC Kaspi.kz ADR (KSPI) and the biggest sale Pampa Energia SA-Spon ADR (PAM, shares −60%).

Most Recent 13F
Q2 2026
Location
CAMANA BAY, GRAND CAYMAN, E9
CIK
0001348145
Portfolio Value
$247.0M (Q2 2024)
SEC Filing
0001085146-24-003949 ↗ filed Aug 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $210.5M Q1 2024 Q2 2024: $247.0M $247.0M Q2 2024 Q3 2024: $286.0M Q3 2024 Q4 2024: $392.1M Q4 2024 Q1 2025: $377.6M Q1 2025 Q2 2025: $368.6M Q2 2025 Q3 2025: $411.9M Q3 2025 Q4 2025: $631.5M Q4 2025 Q1 2026: $844.7M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 17 stocks · $247.0M
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 25.04% 479,344 $61.8M New
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 23.62% 2,899,790 $58.3M Add +110.8%
PAM Pampa Energia SA-Spon ADR 8.73% 487,013 $21.6M Reduce -59.6%
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 7.88% 2,173,342 $19.5M No change
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 7.22% 375,000 $17.8M No change
NBR Nabors Industries Ltd. 5.14% 178,382 $12.7M New
TGS Transportador Gas-ADR SP B 4.82% 627,864 $11.9M No change
CAR Avis Budget Group Inc. 4.22% 99,643 $10.4M Add +0.9%
BABA Alibaba Group Holding-SP ADR 2.89% 99,000 $7.1M No change
AER Aercap Holdings NV 2.75% 73,000 $6.8M Reduce -14.1%
EMBJ Embraer SA-Spon ADR 2.61% 250,000 $6.5M No change
NBIS Nebius Group NV filed as YANDEX N V 1.61% 379,023 $4.0M No change
CRESY Cresud S.A.-Spons ADR 1.38% 416,109 $3.4M No change
GPRK Geopark Ltd. 1.04% 234,685 $2.6M No change
AZUL S A 0.47% 292,300 $1.2M No change
LOMA Loma Negra Cia Ind-Spon ADR 0.32% 117,247 $793K Reduce -35.8%
NIO Nio Inc. - ADR 0.25% 150,000 $624K No change
Other holdings (24): bonds, preferreds, convertibles and warrants · $551K (not counted above)
SecurityClassShares / PrincipalValueChange
CRESW Cresud Saci-CW26 *W EXP 03/09/202 667,090$340KNo change
SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000$39KNo change
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000$26KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$26KNo change
PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333$21KNo change
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 175,000$14KNo change
EVE.WS Eve Mobility Acquisit A -23 *W EXP 12/31/202 125,000$14KNo change
TLGWF TLGY Acquisition Corp. -23 *W EXP 11/09/202 200,000$13KNo change
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666$8KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 187,500$8KNo change
NFSWF Enphys Acquisition -CW24 *W EXP 99/99/999 186,700$7KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000$6KNo change
HAIWF Healthcare AI Acq -CW23 *W EXP 12/07/202 125,000$5KNo change
BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600$4KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356$4KNo change
PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 132,285$3KNo change
BFQWF Battery Future Acquis A -23 *W EXP 99/99/999 150,000$3KNo change
SOARW Volato Group Inc. - CW23 *W EXP 12/04/202 200,000$3KNo change
CFFSW CF Acquisition Vii A -CW27 *W EXP 03/16/202 33,333$2KNo change
PLAOW Patria Latin American-CW27 *W EXP 99/99/999 29,700$2KNo change
VLDXW VELO3D Inc. -CW25 *W EXP 09/29/202 100,000$1KNo change
SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500$1KNo change
LILWF Lilium NV -CW26 *W EXP 09/14/202 15,000$1KNo change
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 50,000$1KNo change

Total filed on the 13F, all lines: $247.5M.

Portfolio Sells Q1 2024 → Q2 2024
PAM Pampa Energia SA-Spon ADR Reduce -59.6% 8.73% −16.01
HTZ Hertz Global Hldgs Inc. Sold out 0.00% −11.25
CNNE Cannae Holdings Inc. Sold out 0.00% −2.43
PUMP Propetro Holding Corp. Sold out 0.00% −2.30
AER Aercap Holdings NV Reduce -14.1% 2.75% −0.75
LOMA Loma Negra Cia Ind-Spon ADR Reduce -35.8% 0.32% −0.26

Portfolio Buys Q1 2024 → Q2 2024
KSPI JSC Kaspi.kz ADR New 25.04% +25.04
YPF YPF S.A.-Sponsored ADR Add +110.8% 23.62% +10.68
NBR Nabors Industries Ltd. New 5.14% +5.14
CAR Avis Budget Group Inc. Add +0.9% 4.22% −1.53

Notes & Other Activity Q1 2024 → Q2 2024
TWLVW Twelve Seas Inv II A -CW28 *W EXP 03/02/202 Sold out 190,848 $16Kbefore exit
AONCW American Oncology Netwo-C28 *W EXP 09/20/202 Sold out 22,065 $8Kbefore exit
VIWWQ View Inc. -CW27 *W EXP 03/08/202 Sold out 105,000 $704before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 31$1.1BYPF, AERO, KSPI, AZUL, AER
Q1 2026 28$844.7MYPF, KSPI, AERO, AER, CTRA
Q4 2025Amended 25$631.5MYPF, AERO, KSPI, IRS, HEPS
Q3 2025 23$411.9MKSPI, YPF, HEPS, IRS, AL
Q2 2025 19$368.6MYPF, KSPI, HEPS, IRS, AL
Q1 2025 17$377.6MYPF, KSPI, HEPS, IRS, PAM
Q4 2024 19$392.1MYPF, KSPI, IRS, PAM, TGS
Q3 2024 19$286.0MKSPI, YPF, IRS, AL, PAM
Q2 2024 17$247.0MKSPI, YPF, PAM, IRS, AL
Q1 2024 18$210.5MPAM, YPF, HTZ, IRS, AL